NCLT orders insolvency proceedings against FRL; rejects Amazon’s intervention application

The National Company Law Tribunal (NCLT) on Wednesday ordered insolvency resolution proceedings against Future Retail and rejected objection raised by Amazon, which is involved in a bitter legal tussle with the debt-laden company.

The tribunal, presided by Justice PN Deshmukh and Shyam Babu Gautam, said it was admitting Bank of India’s plea under Section 7 of the Insolvency and Bankruptcy Code (IBC) for the initiation of the insolvency resolution process against FRL.

Section 7 allows financial creditors to initiate insolvency resolution proceedings against defaulting companies.

The Mumbai-bench of NCLT has appointed Vijay Kumar Iyer as the Interim Resolution Professional (IRP) for Future Retail Ltd (FRL).